§ 58-10-235. Accountant's letter of qualifications. - North Carolina Statutes

§ 58‑10‑235. Accountant's letter of qualifications.

The accountant shall furnishthe insurer, in connection with, and for inclusion in, the filing of the annualaudited financial report, a letter stating all of the following:

(1)        That the accountantis independent with respect to the insurer and conforms to the standards of hisor her profession as contained in the Code of Professional Ethics andpronouncements of the AICPA and the Rules of Professional Conduct of the NorthCarolina State Board of Certified Public Accountant Examiners Board of PublicAccountancy, or similar code.

(2)        The background andexperience in general and the experience in audits of insurers of the staffassigned to the engagement and whether each is an independent certified publicaccountant. Nothing within this Part shall be construed as prohibiting theaccountant from utilizing such staff as he or she deems appropriate where theiruse is consistent with the standards prescribed by generally accepted auditingstandards.

(3)        That the accountantunderstands the annual audited financial report and his opinion thereon will befiled in compliance with this Part and that the Commissioner will be relying onthis information in the monitoring and regulation of the financial position ofinsurers.

(4)        That the accountantconsents to the requirements of G.S. 58‑10‑240 and that theaccountant consents and agrees to make available for review by theCommissioner, or the Commissioner's designee or appointed agent, the workpapers, as described in G.S. 58‑10‑240.

(5)        A representationthat the accountant is properly licensed by an appropriate state licensingauthority and is a member in good standing in the AICPA.

(6)        A representationthat the accountant is in compliance with the requirements of G.S. 58‑10‑210. (2009‑384,s. 1.)